Sun Hydraulics Corporation (NASDAQ:SNHY) Upgraded by Zacks Investment Research to “Strong-Buy”
Sun Hydraulics Corporation (NASDAQ:SNHY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The firm currently has a $54.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.23% from the company’s current price.
According to Zacks, “Sun Hydraulics is a leading designer and manufacturer of high-performance, screw-in hydraulic cartridge valves and manifolds which control force, speed and motion as integral components in fluid power systems. The Company sells its products globally through independent distributors. “
SNHY has been the subject of a number of other research reports. BidaskClub cut shares of Sun Hydraulics Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. TheStreet raised shares of Sun Hydraulics Corporation from a “c” rating to a “b” rating in a report on Monday, May 8th.
Shares of Sun Hydraulics Corporation (NASDAQ SNHY) opened at 47.69 on Friday. Sun Hydraulics Corporation has a 52 week low of $28.46 and a 52 week high of $48.44. The firm’s 50-day moving average is $42.44 and its 200-day moving average is $39.65. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 50.20 and a beta of 1.81.
Sun Hydraulics Corporation (NASDAQ:SNHY) last posted its quarterly earnings results on Monday, August 7th. The industrial products company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.13. The business had revenue of $89.30 million during the quarter, compared to analysts’ expectations of $79.18 million. Sun Hydraulics Corporation had a net margin of 9.63% and a return on equity of 13.25%. The business’s quarterly revenue was up 75.8% on a year-over-year basis. During the same quarter last year, the company posted $0.26 earnings per share. Analysts forecast that Sun Hydraulics Corporation will post $1.41 earnings per share for the current fiscal year.
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In related news, Director Christine L. Koski sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $47.33, for a total transaction of $946,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christine L. Koski sold 5,700 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $42.78, for a total transaction of $243,846.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,000 shares of company stock valued at $3,689,798. Corporate insiders own 10.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new position in shares of Sun Hydraulics Corporation during the fourth quarter valued at about $227,000. Norges Bank acquired a new position in shares of Sun Hydraulics Corporation during the fourth quarter valued at about $16,192,000. Teachers Advisors LLC boosted its position in shares of Sun Hydraulics Corporation by 9.2% in the fourth quarter. Teachers Advisors LLC now owns 40,484 shares of the industrial products company’s stock valued at $1,618,000 after buying an additional 3,407 shares during the period. Granite Investment Partners LLC boosted its position in shares of Sun Hydraulics Corporation by 10.3% in the first quarter. Granite Investment Partners LLC now owns 259,054 shares of the industrial products company’s stock valued at $9,355,000 after buying an additional 24,118 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Sun Hydraulics Corporation by 61.4% in the first quarter. First Trust Advisors LP now owns 21,097 shares of the industrial products company’s stock valued at $762,000 after buying an additional 8,027 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.
About Sun Hydraulics Corporation
Sun Hydraulics Corporation (Sun) develops and manufactures solutions for the hydraulics and electronics markets. It is engaged in power controls and vehicle technologies lines of business. The Company operates through two segments including hydraulics and electronics. Hydraulics market segment is engaged in manufacturing of screw-in hydraulic cartridge valves, electro-hydraulics, manifolds, and integrated package solutions for the worldwide industrial and mobile hydraulics markets operating under the brand Sun Hydraulics.
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